Complaints Against Cash Call: What Consumers Should Know

Many consumers who have borrowed from Cash Call have complained about their high-interest rates, hidden fees, and aggressive debt collection practices. Despite its catchy slogan of a better way to borrow, Cash Call has faced numerous legal challenges and lawsuits over the years.

High-Interest Rates

Cash Call is known for offering high-interest loans to consumers who may not qualify for traditional bank loans. While the company boasts a fast and easy application process, the interest rates can be exorbitant. Many borrowers have reported interest rates of up to 200% or more, making it difficult to pay off their loans over time.

Some critics argue that Cash Call takes advantage of vulnerable consumers who are desperate for cash. The high-interest rates can lead to a cycle of debt that is hard to escape from, especially for those living paycheck to paycheck. tax personal loan.

Hidden Fees

Another common complaint against Cash Call is the presence of hidden fees and charges. Borrowers may be misled by unclear wording or fine print in their loan agreements, leading to unexpected loan costs. For example, some borrowers have been charged upfront fees or been hit with penalties for late payments.

Cash Call has been accused of violating state and federal lending laws by charging excessive interest rates and fees. In some cases, the company has been forced to refund borrowers or pay fines to state regulators.

Aggressive Debt Collection Tactics

Cash Call has come under fire for its aggressive debt collection tactics, which can include harassing phone calls, threatening letters, and even lawsuits. Some borrowers have reported being hounded by Cash Call representatives for payment, even when they are unable to pay due to financial hardship.

In 2014, Cash Call was sued by the Consumer Financial Protection Bureau (CFPB) for engaging in deceptive and unfair debt collection practices. The CFPB alleged that Cash Call deceived borrowers about the terms of their loans and illegally attempted to collect on loans that were void or had already been paid off. cash advance crescent city ca.

Legal Challenges and Lawsuits

Cash Call has faced numerous legal challenges and lawsuits over the years. In addition to the CFPB lawsuit, the company has been sued by state regulators and consumer advocacy groups for various lending violations.

In 2016, Cash Call was ordered to pay $10.3 million in refunds and penalties for violating California's lending laws. The company was accused of charging excessive interest rates and improperly evading state lending laws by partnering with an out-of-state bank.

What Consumers Should Do

Consumers who have taken out loans from Cash Call should read their loan agreements carefully and be aware of any hidden fees or charges. If they believe they have been subjected to unfair or illegal debt collection practices, they should document the incidents and file a complaint with their state's attorney general or the CFPB.

Consumers who are struggling with debt should explore options such as debt consolidation or credit counseling. These services can help borrowers develop a plan to pay off their debts and avoid high-interest loans like those offered by Cash Call in the future.

Conclusion

Cash Call's lending practices have come under fire from consumers, regulators, and legal authorities. Borrowers who have taken out loans from the company should be aware of the potential risks and seek help if they encounter problems with debt collection or unfair lending practices. By staying informed and exploring alternatives to high-interest loans, consumers can avoid falling prey to predatory lending practices.

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